“I don’t think it would be an over-exaggeration to think it might have sold for in excess of $5 million (back then). We were going through an era where it didn’t seem to matter what you paid for it, you were always going to make a packet until the proverbial hit the fan.”

Mr Berridge said he believed values had dropped about 40 per cent since the property peak.

“The last sale was 341 West Coast Drive in Trigg that sold for $2.2 million and it was a very choice piece of land _ something like that could have possibly pulled $4 million in 2007 and I can mention lesser blocks that sold for more than $4 million,” he said.

According to Landgate, North Beach has enjoyed solid property value growth in the past decade.
It recorded a 19.4 per cent average annual growth rate in the 10 years to December 2008. It also recorded strong growth last year and was among the Perth metropolitan area’s Top 10 performing suburbs, with a 17.7 per cent jump in median house prices.

But during this period it recorded a low volume of sales activity, with just 19 homes sold.
This could have skewered the statistics.

“There’s no doubt that the market for premium coastal property has come back since the height of 2007,” Real Estate Institute of WA president Rob Druitt said.

“Indications are that the first signs of recovery are starting to come through now, so there’s certainly a unique opportunity for buyers who are (looking) in that market,” he said.

Mr Druitt said it has been a bottom-up recovery, so if the top end was reasonably priced and sold, it could give a good indication that Perth’s entire property market had seen the worst.